THELOGICALINDIAN - Key Points
Bitcoin banknote amount is disturbing to balance adjoin the US Dollar. BCH/USD charcoal at a accident of added declines beneath the $1,100 akin during the abutting few days.
Bitcoin Cash Price Resistance
There was a fresh downside wave accomplished in bitcoin banknote amount from the $1,610 beat aerial adjoin the US Dollar. The amount beneath and confused beneath the $1,500 and $1,300 abutment level. The abatement was such that the amount alike bankrupt the $1,250 abutment level. It is currently trading beneath the $1,200 akin and the 100 simple affective boilerplate (4-hours), which is a bearish sign.
The contempo low was $1,118 with attrition on the upside about the 23.6% Fib retracement akin of the aftermost abatement from the $1,617 aerial to $1,118 low. There is additionally a above bearish trend band basic with attrition at $1,310 on the 4-hours blueprint of the BCH/USD pair. The trend band resistance is important back it is abreast the 38.2% Fib retracement akin of the aftermost abatement from the $1,617 aerial to $1,118 low. Moreover, the 100 simple affective boilerplate (4-hours) is positioned abreast the $1,320 level. Therefore, the $1,310-1,320 breadth is a above hurdle for a accretion in the abreast term.
On the downside, the brace charcoal at a accident of added declines already there is a abutting beneath the $1,100 level.
Looking at the abstruse indicators:
4-hours MACD – The MACD for BCH/USD is placed accurately in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level.
Major Support Level – $1,100
Major Resistance Level – $1,310
Charts address – SimpleFX
